Australian Agricultural Company (ASX:AAC) has continued to make progress implementing its premium branded beef strategy despite facing extreme operating conditions, which impacted the business by $107 million this financial year.
Revenue is down 4.1 per cent to $364.1m versus $379.7 million on the prior corresponding period.
Ten days of torrential rain in Queensland earlier this year had a disastorous affect on cattle with the non-wagyu herd experiencing significant losses.
The impact of Gulf flood event and drought related conditions totalled $107 million during FY19.
Meanbwhile there was a 3 per cent increase in Wagyu herd numbers, despite impact of extreme weather.
Shares in Australian Agricultural Company (ASX:AAC) closed 0.5 per cent lower at $1.11 yesterday.